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Nov 28, 2012
11/12
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we said to the voters we will keep taxes low and not increase taxes. how dare anyone else keep us to the promises that got us ele elected. that the moment these people are are primed. they are going to be reaganites. the moment that they are challenged. >> i can tell you this. not one drop of revenue should be put on the table until we have massive across the board spending reductions and entitlement reform. that is what is missing. the gop should stand up and say not one drop of revenue until you show me good faith with the spending reduction you all talk about except when it comes time to do something about it. and step b is that the small business community should say not one pens penny until i know you are not going to screw me. >> a quiz. well the answer is coming up next. it is the energy boom that is the brightest spot in our dull and amenemic economy. does the republican party have a front-runner for 2016 could be. don't forget. free market capitalism. we are about to prove it again in 2:00 when the kudlow report comes right back. [ male announ
we said to the voters we will keep taxes low and not increase taxes. how dare anyone else keep us to the promises that got us ele elected. that the moment these people are are primed. they are going to be reaganites. the moment that they are challenged. >> i can tell you this. not one drop of revenue should be put on the table until we have massive across the board spending reductions and entitlement reform. that is what is missing. the gop should stand up and say not one drop of revenue...
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Sep 7, 2012
09/12
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like europe, a value added tax. the most insidious tax hike of all slamming the middle class. we'll get into it later on. markets flat but with the jobs numbers, investors are waiting on the fed meeting next week. gold the big winner up $32. that's a signal fed stimulus is on the way. is that one reason why russian president vladimir putin is reportedly stockpiling gold? later in the show, the convention's post-mortem. who made the better sale to independents. was it republicans in tampa or the democrats in charlotte. first up tonight let me dig into today's anemic jobs report. once again, no joy for the american workforce. let's go to the first one. all right. nonfarm payrolls up 96,000. this was a big disappointment. wall street consensus expected. 125,000 to 150,000. it didn't happen. the last two months were revised down by about 41,000. you heard about the 8.1 unemployment rate. this is the 43rd straight month above 8%. also a disappointment. here is the deal. it fell slightly for the wrong reasons. number one, household employment. right here. household employment. this
like europe, a value added tax. the most insidious tax hike of all slamming the middle class. we'll get into it later on. markets flat but with the jobs numbers, investors are waiting on the fed meeting next week. gold the big winner up $32. that's a signal fed stimulus is on the way. is that one reason why russian president vladimir putin is reportedly stockpiling gold? later in the show, the convention's post-mortem. who made the better sale to independents. was it republicans in tampa or the...
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Jul 10, 2012
07/12
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president obama keeps calling his new tax plan a middle plan tax cut. it is not a tax cut. it is a tax status quo for nearly 10 years. the only thing that's going on is a tax hike on successful earnings and small businesses. and you can bet this tax hike will be used for more federal spending. the dow takes another beating closing down 83 points. the king dollar is so strong it reaches a new high against the euro. the house will vote once again to repeal obamacare. comes as a new survey shows 83% of doctors are considering quitting over obamacare. but first, mitt romney dubs the president the outsourcer in chief. >> good evening. it was an eventful day out on the campaign trail today. the president for his part taking his campaign to extend the bush tack cut out on the campaign trail, going iowa, stopping in for a little ice cream and a little photo op here. the president making the case that the republicans need to come together with him to make a deal. >> go ahead and do the 98% and we can keep arguing about the 2%. let's agree when we can agree. let's not hold the vast m
president obama keeps calling his new tax plan a middle plan tax cut. it is not a tax cut. it is a tax status quo for nearly 10 years. the only thing that's going on is a tax hike on successful earnings and small businesses. and you can bet this tax hike will be used for more federal spending. the dow takes another beating closing down 83 points. the king dollar is so strong it reaches a new high against the euro. the house will vote once again to repeal obamacare. comes as a new survey shows...
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Dec 1, 2012
12/12
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the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was under george bush or barack obama. so i think your case is good in the short term, not so good in the long term. i think the best way to restore confidence in wall street in the long term would be to show we're serious about the deficit. i don't think any deal they strike will be as serious about the deficit as this fiscal slope. >> i just think that era, you're right. the economy boomd especially in the mid 1990s and late 1990s. i don't think it did so well a couple years after bill clinton raised taxes. that's one of the reasons 1994 republicans had the biggest election they
the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was...
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Apr 24, 2012
04/12
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tax consumption, income consumption, why why should we tax saving and investment, that's what we need to grow the economy, form new business, and create jobs and family income. that's the deal, why tax it at all. >> you're right, we talk about broadening the base. you don't want a base so broad you're double taxes. this is one of the big problems with the tax system now. one of the things that alleviates that is tax advantaged accounts. we should be up and downing them and saying if you save and invest we will not tax that until you earn the income on it. we will tax consumption once and only once. we would have lower cost of capital. we would have more productivity. >> you have roughly 18 some odd trillion worth of these retirement accounts. this is, in effect for democrats and liberals, this is a grab bag. take that money and spend it, or use it for deficit reduction. you could be sure if you take that money their going to spend it, it will not go to the debt. >> you're right, i'm convinced that any tax hike right now will only fuel more government spending. i think they have to foc
tax consumption, income consumption, why why should we tax saving and investment, that's what we need to grow the economy, form new business, and create jobs and family income. that's the deal, why tax it at all. >> you're right, we talk about broadening the base. you don't want a base so broad you're double taxes. this is one of the big problems with the tax system now. one of the things that alleviates that is tax advantaged accounts. we should be up and downing them and saying if you...
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Mar 26, 2012
03/12
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-- or not a tax and then on tuesday, coming back in and calling it a tax. and if you go back to the opinion that was written in our favor when we won at the district court level, the federal district judge called it an alice in wonder land type argument. and i'll tell you what's going on here, larry. pure politics. when they passed this law, the very first draft of it called it a tax and then they changed it to a penalty because they knew if they imposed this tax, it would be a tax heavily on people who make less than $250,000 a year. there's no way congress could vote for that or that obama could uphold it. so they knew they had to recategorize it. that's exactly what it is. and it is one of the reasons why this law is going to be stricken down as unconstitutional. >> but what's your take on the severability issue? this is very important. if the mandate is struck down, can the rest of the law stand on its own hind feet? or not? >> reporter: well, legally and practically. practically speaking, larry, it cannot. and the obama administration has admitted as m
-- or not a tax and then on tuesday, coming back in and calling it a tax. and if you go back to the opinion that was written in our favor when we won at the district court level, the federal district judge called it an alice in wonder land type argument. and i'll tell you what's going on here, larry. pure politics. when they passed this law, the very first draft of it called it a tax and then they changed it to a penalty because they knew if they imposed this tax, it would be a tax heavily on...
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Dec 11, 2012
12/12
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carbon tax, michael reagan. california has gone for a carbon tax. there may be a federal carbon tax. part of president obama's agenda is possibly to institute a carbon tax because of his dream of green energy and because he needs the money. cal would be doubling up there, too. twice on the carbon tax. >> everything's doubling up. the taxes that they just laid on us, retroactive to january 1, 2012. the president wanted to increase taxes again on the richest 2% of the oh population. we make our effective tax rate in the state of california over 52%. something else. my energy bill i get every month, i pay $200 a month for the right for the department of water and power to give me energy in my house. if i never slip a switch, never turn on a faucet, $200 a month. i spend another $200 a month to underwrite those who can't afford water or flipping a switch in their house. there is no competition to the department of water and power in los angeles. if i use less power as i might do the department of water and power goes to l.a. city council to get a 10% in
carbon tax, michael reagan. california has gone for a carbon tax. there may be a federal carbon tax. part of president obama's agenda is possibly to institute a carbon tax because of his dream of green energy and because he needs the money. cal would be doubling up there, too. twice on the carbon tax. >> everything's doubling up. the taxes that they just laid on us, retroactive to january 1, 2012. the president wanted to increase taxes again on the richest 2% of the oh population. we make...
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Apr 3, 2012
04/12
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get rid of loopholes and tax shelters so you can lower everybody's tax rates. our tax is 25%, simpson-bowles had the individual tax rate as low as 23% in one of their proposals. we are actually including the simpson-bowles kind of structure in our plan, the very one he's using to divide based on class. playing class politics. so disjounted. i don't even know how to describe all of this stuff. he's getting desperate and demagoguic. and i think it's what we can expect from the campaign this fall. >> do you believe the president understand the magnitude of the fiscal crisis you call it the debt bond, the entitlement bond. any clue of that? any evidence of that? >> i just don't know the answer to that question, larry. i would like to think he does. but he's not doing anything to fix it. he's given us four budgets, $4 trillion deficits. budgets that do nothing to address the ticking time bombs, the fiscal crisis. by his actions, he's telling us he doesn't see this coming, he doesn't understand this. i talked to treasury secretary and his own people. they seem to und
get rid of loopholes and tax shelters so you can lower everybody's tax rates. our tax is 25%, simpson-bowles had the individual tax rate as low as 23% in one of their proposals. we are actually including the simpson-bowles kind of structure in our plan, the very one he's using to divide based on class. playing class politics. so disjounted. i don't even know how to describe all of this stuff. he's getting desperate and demagoguic. and i think it's what we can expect from the campaign this fall....
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Apr 6, 2012
04/12
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in back taxes. >> wesley is an excellent actor, but he sucks as a tax preparer. [ laughs ] he was convinced, at one point, that the tax laws were unconstitutional, that he didn't have to pay taxes on certain of his income. i don't blame wesley. i blame his advisers. >> quick: you think he's a victim? >> i think he's a cooperating victim. >> quick: for his part, snipes says he's actually not a tax protester but someone who put too much trust in his advisers. >> people whom i thought had the -- the knowledge and expertise in the areas of finance and tax law, that would protect my interest. >> quick: but for any taxpayer, bad advice is not necessarily an acceptable defense. and for wesley snipes, it means that 3-year prison sentence. his former attorney believes that snipes was treated unfairly. >> there's no doubt that that harsh sentence was imposed, in large part, again, to send a message to other americans, that, "look, if we can send wesley snipes to prison for three years, don't mess with the irs
in back taxes. >> wesley is an excellent actor, but he sucks as a tax preparer. [ laughs ] he was convinced, at one point, that the tax laws were unconstitutional, that he didn't have to pay taxes on certain of his income. i don't blame wesley. i blame his advisers. >> quick: you think he's a victim? >> i think he's a cooperating victim. >> quick: for his part, snipes says he's actually not a tax protester but someone who put too much trust in his advisers. >>...
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Jul 18, 2012
07/12
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minimum tax, payroll tax. >> exactly. >> let's assume the worst case. what does an investor now do about that? >> the whole thing about an investor is don't tell me about the return on capital. tell me about the return of my capital. during these types of disastrous times, and they have been disastrous since march of 2000, larry. the real stock market has been down the whole 12 years. just keeping your money, just preserving it is really, really the important thing. there aren't good investments out there. when you have the tips yield as minus 67 basis points and people are buying them as an investment in their portfolio. it tells you this is really a horrible market with not very many prospects for improvement for quite a while. >> what's it going to take for us to break new ground? it's interesting from october 2007 we still haven't gotten the major indexes back to where we were. >> we haven't. >> as you pointed out you can take the story back 10 or 12 years. >> yes. >> at least excluding dividends the s&p has done virtually nothing. art, what do we n
minimum tax, payroll tax. >> exactly. >> let's assume the worst case. what does an investor now do about that? >> the whole thing about an investor is don't tell me about the return on capital. tell me about the return of my capital. during these types of disastrous times, and they have been disastrous since march of 2000, larry. the real stock market has been down the whole 12 years. just keeping your money, just preserving it is really, really the important thing. there...
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Apr 5, 2012
04/12
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he wants a small business tax cut, he's going to introduce that after tax day. thad be 20% reduction. >>> now, also on hand at the white house and joining me now is steve case, member of president obama's council on jobs competitiveness. mr. case is the revolution ceo. remember, he was a co-founder and former ceo and chairman of america online. business start-ups, brand new business start-ups were one of the huge drivers of the boom of the economy in the '90s, including a jobs bill. do you think this jobs act signed today will get those start-ups going again? because we haven't seen it in over a decade. >> i think it's definitely going to help. and even broaden it. i think this country was built by entrepreneurs and industries. it really is important. and the kauffman foundation data really demonstrates this. over the last three decades, 40 million jobs have been created by high-growth entrepreneurial companies and accounts for all the net job creation and yet start-ups are down, as you mentioned, 23% over the last five years. this jobs act providing access to c
he wants a small business tax cut, he's going to introduce that after tax day. thad be 20% reduction. >>> now, also on hand at the white house and joining me now is steve case, member of president obama's council on jobs competitiveness. mr. case is the revolution ceo. remember, he was a co-founder and former ceo and chairman of america online. business start-ups, brand new business start-ups were one of the huge drivers of the boom of the economy in the '90s, including a jobs bill. do...
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Mar 30, 2012
03/12
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i stay tax rates low. thanks, we'll see you monday. >> next, it's the mother of all meltdowns. ♪ anything? no. ♪ how about now? nope. ♪ [ dog barking ] ♪ ♪ [ male announcer ] the chevy silverado. ♪ [ male announcer ] with best-in-class 4x4 available v8 fuel economy. finally! ♪ [ male announcer ] from getting there... to getting away from there. chevy runs deep. at liberty mutual, we know how much you count on your car, and how much the people in your life count on you. that's why we offer accident forgiveness, where your price won't increase due to your first accident. we also offer a hassle-free lifetime repair guarantee, where the repairs made on your car are guaranteed for life, or they're on us. these are just two of the valuable features you can expect from liberty mutual. plus, when you insure both your home and car with us, it could save you time and money. at liberty mutual, we help you move on with your life, so get the insurance responsible drivers like you deserve. call us at... or
i stay tax rates low. thanks, we'll see you monday. >> next, it's the mother of all meltdowns. ♪ anything? no. ♪ how about now? nope. ♪ [ dog barking ] ♪ ♪ [ male announcer ] the chevy silverado. ♪ [ male announcer ] with best-in-class 4x4 available v8 fuel economy. finally! ♪ [ male announcer ] from getting there... to getting away from there. chevy runs deep. at liberty mutual, we know how much you count on your car, and how much the people in your life count on you....
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Jul 9, 2012
07/12
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instead of raising taxes we should be reforming taxes. lower the rate, broaden the base and get away from class war fare. coming up on "kudlow," it's here. earnings season is kicking off but beware of the word beat. when the bar is so low how much of a beat is it? not to fear. we have ken heebner. later on the program remember these words by my hero ronald reagan, are you better off than you were four years ago? well, according to a new pole obama's own goose is cooked. don't forget, free market capitalism is the best path to prosperity. tax reform, pro growth, on the supply side, lower the marginal rates, grow the economy at 6%. i'm kudlow. we'll be right back. this is the first car that i've been totally in love with in every way, shape, and form. it's my dream vehicle. on a day to day basis, i am not using gas. my round trip is approximately 40 miles to work. head on home, stop at the grocery store, whatever else that i need to do -- still don't have to use gas. i'm never at the gas station unless i want some coffee. it's the best thin
instead of raising taxes we should be reforming taxes. lower the rate, broaden the base and get away from class war fare. coming up on "kudlow," it's here. earnings season is kicking off but beware of the word beat. when the bar is so low how much of a beat is it? not to fear. we have ken heebner. later on the program remember these words by my hero ronald reagan, are you better off than you were four years ago? well, according to a new pole obama's own goose is cooked. don't forget,...
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Nov 13, 2012
11/12
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tax cuts extended. in the top brackets, this is my question to you, capital gains tax rate goes up from 15 to 20. from 20 to 24% with obama care. the dividend of tax rate goes up. lord knows it could go from 15 to 40. and it may go then another 4% from obama care. between don't know that. those raise the cost of capital and lower the after-tax investment return. all right. i want to be realistic here. rest of the stuff may be extended. how's your scenario affected if cap gains and dividends go up? >> well, earnings expectations could pull back a little bit. remember, the stock market is moved by institutions. as much as we want to think it is individuals, it isn't. 94% of all the volume on the stock exchange are from institutional investors that don't care too much about the individual taxes. they care about earnings. >> i think it is a macro economic effect. it doesn't matter. you raised the cost of capital and lower the investment return for all of the capital in this country and that's going to have
tax cuts extended. in the top brackets, this is my question to you, capital gains tax rate goes up from 15 to 20. from 20 to 24% with obama care. the dividend of tax rate goes up. lord knows it could go from 15 to 40. and it may go then another 4% from obama care. between don't know that. those raise the cost of capital and lower the after-tax investment return. all right. i want to be realistic here. rest of the stuff may be extended. how's your scenario affected if cap gains and dividends go...
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Jul 25, 2012
07/12
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and maryland millionaires tax cost them jobs because people are fleeing the tax and the state. "the kudlow report" is moments away. [ applause ] >>> thank you to my amazing audience. tonight on "american greed" the jersey score! watch how an fbi informant goes undercover to pull off the largest corruption sting in new jersey history. boeing and caterpillar aren't done going up. there's always a bull market somewhere and i promise to find it for you right here at "mad money." i'm jim cramer. see you tomorrow. hey, larry, what do you have for us? >>> all right, jimmy. breaking news. the full extension of the bush era tax cuts gets voted down. a victory for class warfather and a victory for a potential recession. the whole thing is bad for stocks. good evening, i i'm larry kudlow. this is "the kudlow report." we begin with the breaking news. the senate votes down the full extension of the bush era tax cuts and instead votes to raise taxes on the most successful earners and investors. me, i think this is nothing but class warfare. you have to be out of your mind to raise taxes on a
and maryland millionaires tax cost them jobs because people are fleeing the tax and the state. "the kudlow report" is moments away. [ applause ] >>> thank you to my amazing audience. tonight on "american greed" the jersey score! watch how an fbi informant goes undercover to pull off the largest corruption sting in new jersey history. boeing and caterpillar aren't done going up. there's always a bull market somewhere and i promise to find it for you right here at...
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May 29, 2012
05/12
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what he said was tax reform, extend the bush tax cuts and then go to tax reform, then spending reform, then entitle titlement reform and then regulatory reform. he has an act viv first 100 days. why should that all get done in november and december under a hostile democratic regime? >> i can't imagine any incoming president would want to be gifted policy that's they think they need to preserve in that case, especially when presumably a president romney, should romney win the election, it's very likely he will have a republican senate to go along with him and a republican house. what that means is for the first time in four years we'll have regular order. and we'll be able to take care of these really large economic questions, regulatory policy, tax policy, fiscal spending policy, in regular order with a budget, an actual budget where the house passes a budget and the senate passes a budget. >> and they held hearings, tony. >> they held hearings and discuss it and debate it and score it -- >> committee votes, score it, and then go to the floor of the senate. like a real functioning sen
what he said was tax reform, extend the bush tax cuts and then go to tax reform, then spending reform, then entitle titlement reform and then regulatory reform. he has an act viv first 100 days. why should that all get done in november and december under a hostile democratic regime? >> i can't imagine any incoming president would want to be gifted policy that's they think they need to preserve in that case, especially when presumably a president romney, should romney win the election,...
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Dec 6, 2012
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why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on success. it's an attack on capital itch. it's also an attack on good taste, although we didn't show the most vulgar part. where does a successful actor like this get off saying this kind of thing? what does he know about capitalism anyway as he makes his bucks, and by the way, this entire cartoon was sponsored by the teachers union. what a shocking surprise there. they, too, higher taxes on the rich, knock down free market capitalism, go up against free enterprise. you know, when is this left wing stuff going to end? i guess the answer is n
why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on...
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Apr 19, 2012
04/12
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you've got the expiration of the bush-era tax cuts, the payroll tax cuts, the alternative minimum tax. you know there's potentially very damaging consequences for the economy. right now looks like the economy may be slowing down. jobless claims are rising again, employment came in only half as much in march. what are you going to do about the tax cliff, chris van hollen? >> well, larry, you're absolutely right. what i support is the kind of bipartisan balanced approach that simpson/bowles and others have recommended. so we deal with our long-term deficit. through a combination of cuts and reforms, but we also deal with in part through additional revenue. we do believe that we should allow the tax rate on the folks at the very top millionaires to go back to what it was in the clinton administration. we do believe that as part of tax reform, we can lower the rates but also do what those bipartisan groups have done and take some of the revenue generated to reduce the deficit. if you don't it that way, you end up hitting everything and everyone else. that's why people support a balanced a
you've got the expiration of the bush-era tax cuts, the payroll tax cuts, the alternative minimum tax. you know there's potentially very damaging consequences for the economy. right now looks like the economy may be slowing down. jobless claims are rising again, employment came in only half as much in march. what are you going to do about the tax cliff, chris van hollen? >> well, larry, you're absolutely right. what i support is the kind of bipartisan balanced approach that simpson/bowles...
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Jul 11, 2012
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taxing job creators is not smart. in addition to that, the runaway spending here in this town has not been brought under control. so if a raise in taxes with that being the fact, you're just digging the hole deeper. and why would anybody want to do that is our argument. >> good message, a growth message. you've always been a growth guy, you've always been a supply side guy. you have your own bill to cut business taxes. are you satisfied that former governor mitt romney has a sufficiently succinct and hard-hitting growth message, four or five points to connect with the american public? the polls say the two are neck and neck. where is romney's growth message? >> i think that mitt romney is an individual has a tremendous track record in terms of being able to grow jobs. i mean certainly in the private sector, he has experienced beyond even imagination what the president has. >> biography is great and everybody agrees. but the question is message. remember reagan, four or five points, very effective stuff? well, mitt rom
taxing job creators is not smart. in addition to that, the runaway spending here in this town has not been brought under control. so if a raise in taxes with that being the fact, you're just digging the hole deeper. and why would anybody want to do that is our argument. >> good message, a growth message. you've always been a growth guy, you've always been a supply side guy. you have your own bill to cut business taxes. are you satisfied that former governor mitt romney has a sufficiently...
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Oct 1, 2012
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the income on payroll taxes stops at $110,000. >> it's a flat tax. >> it's actually a regressive tax. if you earn $500,000, you're not paying any payroll tax. it's ridiculous. >> assessing something you can't hardly assess, but this is when they all come back after the election, what in the hell is going to happen? how do you read it right now? what are the leaders saying? >> it all comes down to the presidential election, every party is waiting to see what happens and no one really knows, it's going to take real leadership. if anything's going to get done, it's going to be mitch mcconnell. >> this president's going to go over the fiscal cliff. >> what's going on? big tax cuts? big tax -- >> coming up next, my pal steve meister. are you expecting just as an ordinary person who writes the occasional column and follows the politics, do you think we're going have a big smacking huge tax hike after the election, do you think the so-called tax cliff we're all going to fall into it? >> we're at this fiscal cliff, obama is going to engage in this class warfare his entire four years and he ha
the income on payroll taxes stops at $110,000. >> it's a flat tax. >> it's actually a regressive tax. if you earn $500,000, you're not paying any payroll tax. it's ridiculous. >> assessing something you can't hardly assess, but this is when they all come back after the election, what in the hell is going to happen? how do you read it right now? what are the leaders saying? >> it all comes down to the presidential election, every party is waiting to see what happens and...
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Apr 2, 2012
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taxpayers they are going to get taxed too, nobody believes tax the rich. thech see them get being taxed also, don't they? >> that's correct. that's what happened in the 1993 tax increase but middle-class voters rebelled in the 1994 mid-term election. you don't get away with it as politically as possible. pee wasn people want to hear about lower government spending, pay a flax tax one time and pay it as a lower rate. we can't double tax investment because we'll get less of it. i'm all for wages and capital income being taxed at the same rate as long as that wage rate is lower in the 25% range. >> and pay roll tax, too. >> do the two of you agree we need a lot more revenue if we're going to get on a sustainable fiscal path? >> no. >> you don't. >> we're spending about 22% of gdp. we have to get that back down to historic levels. then we don't need the revenue. >> this is very revealing. i do believe that people agree with you that the reason the president wants to tax the rich people, quote unquote, which will become the middle class is precisely because he
taxpayers they are going to get taxed too, nobody believes tax the rich. thech see them get being taxed also, don't they? >> that's correct. that's what happened in the 1993 tax increase but middle-class voters rebelled in the 1994 mid-term election. you don't get away with it as politically as possible. pee wasn people want to hear about lower government spending, pay a flax tax one time and pay it as a lower rate. we can't double tax investment because we'll get less of it. i'm all for...
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May 7, 2012
05/12
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we need to reform the tax code, particularly lower corporate tax rates. we need to have a lighter touch on regulations and we should create some uncertainty about reforming future entitlements. it's a fiscal obstacle. it's not a monetary program. krugman is wrong. richard fisher is right. that's my last word. we'll see you tomorrow evening. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. domestic, abundant, clean energy to power our lives... (female announcer) most life insurance companies look at you and just see a policy. at aviva, we do things differently. we're bringing humani
we need to reform the tax code, particularly lower corporate tax rates. we need to have a lighter touch on regulations and we should create some uncertainty about reforming future entitlements. it's a fiscal obstacle. it's not a monetary program. krugman is wrong. richard fisher is right. that's my last word. we'll see you tomorrow evening. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our...
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Jun 28, 2012
06/12
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taxes go up, middle class taxes go up. and the obama people are going to use this newfound, newfangled tax power to do all sorts of things. they will tax me if i don't eat broccoli, if i don't put in solar windows in my home. isn't the tax power going to be a big play? >> i think the entire tax issue will be front and center. mitt romney has always been hammering that this president broke his campaign promises. the biggest was he wasn't going to raise taxes on the middle class. as you pointed out, 75% of the tax, whiches what it is, will fall on people making $250,0les $250,000 a year. keith needs new talking points. the new talking point has to be why should we believe that obamacare, this big tax that has all of the regulations is a burden on business is not responsible for the slowdown in the economy. of course it is. >> that's a key point. >> it hasn't been implemented yet. >> it's money on the sidelines. if you talk to any business person -- >> excuse me, jennifer. >> they will say they are not hiring. >> it hasn't be
taxes go up, middle class taxes go up. and the obama people are going to use this newfound, newfangled tax power to do all sorts of things. they will tax me if i don't eat broccoli, if i don't put in solar windows in my home. isn't the tax power going to be a big play? >> i think the entire tax issue will be front and center. mitt romney has always been hammering that this president broke his campaign promises. the biggest was he wasn't going to raise taxes on the middle class. as you...
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Apr 4, 2012
04/12
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and that in turn could provide a modest tax cut. think about it. so as this stock correction shakes out, my sense is if the fed stays out of the game and the dollar continue to rise, the tax cut effect of king dollar will be very positive on stocks and the economy. now let's bring in our guests. joining me now is thomas lee. he is the chief u.s. equities strategist at jpmorgan. michael azanian is "forbes" magazine executive editor and co-host of the emmy award winning show sports money. and stephen weiss, "fast money" and the terror of the billion dollar mistake. michael, you're probably the least to believe my point. but if the fed stops printing money, the money dollar value goes up. and that's going to push gold and energy prices down. and i think that is just bullish. what is your take? >> i love it if it's true. i'm skeptical we have a more hawkish fed. look at the '80s. >> right. thank you. >> strong king dollar, very strong economy, low inflation. that's very healthy for equities. >> i hate to jump. i just love. this reagan's first term and
and that in turn could provide a modest tax cut. think about it. so as this stock correction shakes out, my sense is if the fed stays out of the game and the dollar continue to rise, the tax cut effect of king dollar will be very positive on stocks and the economy. now let's bring in our guests. joining me now is thomas lee. he is the chief u.s. equities strategist at jpmorgan. michael azanian is "forbes" magazine executive editor and co-host of the emmy award winning show sports...
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Nov 15, 2012
11/12
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they love to talk about taxes. taxes up, taxes down, taxes sideways. no one talks about spending. and the threshold decision you make is to spend the money. once you do, you'll have to pay for it one way or another. we've never had a serious discussion on spending. >> right. that's what i want. a long time ago, doug, i was associate director of the office of management and budget. ronald reagan was the president. and david stockman, before he turned tail, was the budget director. but you know what? we had a ton of spending cuts. a ton of spending cuts. and i have the scars here on my back to show. >> i know. >> and people just go crazy. you've had the same experience. what i'm saying to you is this. before anybody talks about a dollar of new tax revenue, why haven't we exhausted every dollar of spending cuts? that's what -- before we even get to the revenue, why don't we go through spending? and i'm not -- yes, entitlement reform, but also there's a lot of inefficient and duplicative and whole agencies we don't need. before you talk about revenues, one nickel of rev few, why don't
they love to talk about taxes. taxes up, taxes down, taxes sideways. no one talks about spending. and the threshold decision you make is to spend the money. once you do, you'll have to pay for it one way or another. we've never had a serious discussion on spending. >> right. that's what i want. a long time ago, doug, i was associate director of the office of management and budget. ronald reagan was the president. and david stockman, before he turned tail, was the budget director. but you...
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May 9, 2012
05/12
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call that a tax cut? >> no, i agree with you there, sir. >> we have to agree on something. >> we must preserve the tax cuts for the middle class. you and i are on the same page there. but for the very top folks, the top 2% who have done extremely well, you can't keep cutting taxes and you guys and ryan go much further, and not have any regard to debt. >> that tax increase, you well know for the top two brackets, is aimed at small businesses. and then with your buffett rule, that affects not 1%, no not .1%, .01% of the additional federal spending. >> correct. that's my point. >> the whole thing is a red herring. >> i just have a minute. to me, even worse than the class warfare over the bush tax cuts, what these ceos are saying, in the obama budget and in obama care, the dividend tax is going to 45% from 15%, and the capital gains tax is going to 24% from 15%. it will damage savers. it will damage retirees. it will make the united states uncompetitive and will give us the highest investment tax rates in the
call that a tax cut? >> no, i agree with you there, sir. >> we have to agree on something. >> we must preserve the tax cuts for the middle class. you and i are on the same page there. but for the very top folks, the top 2% who have done extremely well, you can't keep cutting taxes and you guys and ryan go much further, and not have any regard to debt. >> that tax increase, you well know for the top two brackets, is aimed at small businesses. and then with your buffett...
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Jun 19, 2012
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a two-tier flat tax rate we've butt in our budget. second of all, put america on a fiscally sustainable path. i mean, these serial $1 trillion deficits the president has brought us are hanging over the economy. number three, here's something else the house has done. we have voted to repeal the president's health care plan. which is one of the great impediments to job creation today. here's something congress can do that we' done on our side, and that is to quit vilifying entrepreneurship and success in america. we're doing our bit. >> weren't some of your colleagues doing that today with jamie dimon? weren't they vilifying the private second for? and what good does that do. i wouldn't trust after those people to watch the kids. why in the world would i let them run the banking system? >> well, you don't want it. and so i'm not sure which colleagues you're talking about. hopefully not republicans. but here's what i saw. the whole reason jamie dimon was there was because they made a bad mistake. they lost $2 billion. but when you look a
a two-tier flat tax rate we've butt in our budget. second of all, put america on a fiscally sustainable path. i mean, these serial $1 trillion deficits the president has brought us are hanging over the economy. number three, here's something else the house has done. we have voted to repeal the president's health care plan. which is one of the great impediments to job creation today. here's something congress can do that we' done on our side, and that is to quit vilifying entrepreneurship and...
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Mar 22, 2012
03/12
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many have latched on to the fact that the tax rates is going to significantly lower tax rates for people who are on the upper bracket and therefore this is already being painted as a gigantic tax break for the upper class and for the wealthy. >> well, i'm for all tax breaks for everybody. so that part of the bill, i would support because you need cut taxes. but it doesn't mean a whole lot if you're not serious about cutting spending. if you cut taxes and you continue the spending, then you're kidding yourself. so it's a spending problem. i think taxes are a consequence of the spending and i don't think republicans are very serious. i don't think the other candidates are serious. my proposal is you cut $1 trillion out of the budget the first year and balance it in three. they will not accept this idea that we're not the policemen of the world, but the american people have come around to this, american people want us home from afghanistan, different places. >> but congressman, is congressman ryan's budget doa in your view? is it done already? >> oh, i imagine it is because of the politics
many have latched on to the fact that the tax rates is going to significantly lower tax rates for people who are on the upper bracket and therefore this is already being painted as a gigantic tax break for the upper class and for the wealthy. >> well, i'm for all tax breaks for everybody. so that part of the bill, i would support because you need cut taxes. but it doesn't mean a whole lot if you're not serious about cutting spending. if you cut taxes and you continue the spending, then...
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Mar 16, 2012
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they're nervous about tax hikes. they don't know where we're going in terms of -- >> they don't like obamacare. >> they don't like it. >> i was down at the business roundtable moderating a panel. i guess it was last week. that's all the 220 biggest shots in the corporate world. and they don't want to make a commitment until they know what the tax hikes are going to be, what the regulatory are going to be, they just don't like obamacare. but mark simone, i don't think they had a section on gasoline prices. >> no, that's another thing. >> did they forget that? >> when he took office, the conditions were so horrible. you had unemployment at 7%. what is it now? 8.5%. >> ooh. >> you had horrifying gas prices. they were up to $2 a gallon. now they're double that. >> you have taken this completely out of history. first of all, unemployment was on the rise. when he came into office, almost all of the jobs that were lost in this administration were lost in the first year because of the bush recession. we've had 4 million new
they're nervous about tax hikes. they don't know where we're going in terms of -- >> they don't like obamacare. >> they don't like it. >> i was down at the business roundtable moderating a panel. i guess it was last week. that's all the 220 biggest shots in the corporate world. and they don't want to make a commitment until they know what the tax hikes are going to be, what the regulatory are going to be, they just don't like obamacare. but mark simone, i don't think they had...
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Jan 31, 2012
01/12
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code. >> in other words, talking about reforming the tax code, nurg has a 15% flat tax. mitt romney sort of has a tax reform, hasn't developed yet. he told me in an interview last week. but there is a difference between a flat tax which romney criticized and a sort of bowles/simpson, which has not yet materialized. do you think they got that out? where was that debate? where was that -- instead of yelling about freddie mac and mixed marriages and all the rest, where was the tax debate? where was the spending debate? that's my beef about this whole florida story. >> i think what you're witnessing is nothing less than the internal civil war in the republican party, for the soul of the party. i'm a democrat looking for who am i going to be debating, you know, on one of these shows. >> whether or not it be a consultant or historian in freddie mac? or party on issues? i'm looking for issues. >> on the issues, the republican party is now having a debate over whether we take the tea party approach, which is what gingrich has inherited, or the romney moderate approach, a new eng
code. >> in other words, talking about reforming the tax code, nurg has a 15% flat tax. mitt romney sort of has a tax reform, hasn't developed yet. he told me in an interview last week. but there is a difference between a flat tax which romney criticized and a sort of bowles/simpson, which has not yet materialized. do you think they got that out? where was that debate? where was that -- instead of yelling about freddie mac and mixed marriages and all the rest, where was the tax debate?...
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Mar 10, 2012
03/12
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but all of america is waiting on a tax -- it's taxes. what's coming up next year with the expiration of the bush tax rates? what's coming up with potential obama care tax effect and cost factors on businesses on main street? >> i get that. but jennifer, you heard that clip. the clip's not the whole story. we're not in mississippi. so we don't get the whole speech. but did it sound like he was punching away as he must, or did it sound like he was just giving a rote line? >> i think he's going to have to embellish that a little bit. there's a big argument going on. is the economy getting better because of what obama is doing or in spite of what he's doing? obviously, romney's going to make the latter argument and he's going to say listen, if we got rid of some of these regulations, if we put in place my tax cuts which he rolled out just like you wanted in michigan, if we got rid of obama care this economy would take off. we're still stuck at 8.3 unemployment and five years ago if you said 8.3 unemployment you'd say no president can get ele
but all of america is waiting on a tax -- it's taxes. what's coming up next year with the expiration of the bush tax rates? what's coming up with potential obama care tax effect and cost factors on businesses on main street? >> i get that. but jennifer, you heard that clip. the clip's not the whole story. we're not in mississippi. so we don't get the whole speech. but did it sound like he was punching away as he must, or did it sound like he was just giving a rote line? >> i think...
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Apr 26, 2012
04/12
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reform is tax hiked. we believe in lowering rates, broadening the base, simplifying the code so that capital can flow to its most efficient use without government and washington going and picking winners and losers to the tax code. >> last one, i love this, i read that you are supporting your fellow virginian governor bob mcdonald for vice president. is that true? mcdonald for vice president? >> listen, he is a fine gentleman. he is somebody who has steered our state through tough times. i think if you look at our unemployment rate, our growth rate, we fair a lot better than most, and bob mcdonald and i were seat mates in our general assembly, and he is a great guy. i think he would make a great vice president. >> have you talked to mitt romney about this? >> no. >> do you intend to? >> it's his decision to make -- >> you are serious about pushing mcdonald? >> absolutely. mitt, i think, again, mitt and his team know that it is their activision, it is mitt romney's leadership that's going to win the day, a
reform is tax hiked. we believe in lowering rates, broadening the base, simplifying the code so that capital can flow to its most efficient use without government and washington going and picking winners and losers to the tax code. >> last one, i love this, i read that you are supporting your fellow virginian governor bob mcdonald for vice president. is that true? mcdonald for vice president? >> listen, he is a fine gentleman. he is somebody who has steered our state through tough...
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Aug 31, 2012
08/12
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then you throw in a simplification of the tax code. lower corporate tax rates. payroll tax, accelerated expensing and depreciation. keeping the bush tax codes intact and you have set the stage for a rally with the single biggest risk being europe instead of domestic. >> i ask you this because i know you're a man of the world and i know you follow markets and also politics. you and i both know that our great network, cnbc, blames essentially or credits everything to the federal reserve. what i'm trying to do is introduce the idea that fiscal policy plays a role in economic growth and profits. and therefore fiscal proposals such as mr. romney is making may have a very important influence on the stock market in the next bunch of months. that's at least a possibility, is it not? >> you're talking about the core of the problem. look, the fed wouldn't have to do what they do if we weren't in such a mess fiscally. if we didn't have such big deficits the federal reserve wouldn't have to print money to buy bonds. this is why i'm concerned that bernanke is pushing on a st
then you throw in a simplification of the tax code. lower corporate tax rates. payroll tax, accelerated expensing and depreciation. keeping the bush tax codes intact and you have set the stage for a rally with the single biggest risk being europe instead of domestic. >> i ask you this because i know you're a man of the world and i know you follow markets and also politics. you and i both know that our great network, cnbc, blames essentially or credits everything to the federal reserve....
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Mar 14, 2012
03/12
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he's got pretty good tax reform plan, supply side 20% tax cut. then didn't have that until the primaries forced him into it. now, question, do you have confidence he'll develop a better romney care versus obama care message? because if he doesn't, i don't think this is a forgone conclusion, this election. >> if you think this presidential campaign is going to be a referendum on president obama and his policies, then you cannot take obama care out of the equation. it is the principal foundational policy of this administration. and the people that are going to be hurt by this haven't been affected yet. 2014, 2015, seniors are going to be denied choice, the irs is going to start getting involved and enforcing health care law. this is going to be a disaster and we need to keep the heat on the democrats and president obama if we're going to take full advantage of the political opportunity. but i'll tell you what, you know, i've been impressed by mitt romney because in every circumstance where he's had to step up, where he's had to man up, in florida,
he's got pretty good tax reform plan, supply side 20% tax cut. then didn't have that until the primaries forced him into it. now, question, do you have confidence he'll develop a better romney care versus obama care message? because if he doesn't, i don't think this is a forgone conclusion, this election. >> if you think this presidential campaign is going to be a referendum on president obama and his policies, then you cannot take obama care out of the equation. it is the principal...
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Jun 21, 2012
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oil prices, that's a big tax cut. i like your analysis about the fiscal cliff. at least it focuses on the obama administration on what it would mean if taxes were to go up. that's the last thing they need at this point. >> yeah. so we have a couple of nice automatic stabilizers here. you have the oil price low enough. people may buy an suv. who knew? certainly when obama has to reverse himself and admit that the economy is absolutely not fine, that pretty much takes the wind out of his sails for tax hikes. maybe a weaker economy is our best friend here. it will keep a lot of dumb mistakes from happening later this year. >> michael farr, you know the veep hasn't been picked yet. you've still got the hair. we see you with the capital building behind you. are you going? you don't have to answer. >> there are certain things i'm not at liberty to talk about at this point. >> i understand. >> as hair goes, i also know your name is on the list. i don't think the viewers would be surprised to see blank blank kernen ticket. >> are you buying dividend stocks? are you out?
oil prices, that's a big tax cut. i like your analysis about the fiscal cliff. at least it focuses on the obama administration on what it would mean if taxes were to go up. that's the last thing they need at this point. >> yeah. so we have a couple of nice automatic stabilizers here. you have the oil price low enough. people may buy an suv. who knew? certainly when obama has to reverse himself and admit that the economy is absolutely not fine, that pretty much takes the wind out of his...
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Jun 22, 2012
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the solution is expansion of the private sector which was crushed by this administration with higher taxes, higher costs and the burden of socialized medicine. add it together and you have the fog of uncertainty that's put a jack boot on the private sector. until these things are cleared up including the fiscal cliff with taxageddon coming. >> jack boots, taxageddon, we have it all here, governor dean. >> actually spending is not out of control. this president has the lowest spending -- >> by what measure? >> the average increase in federal spending. it's not spending. it's government revenues that are out of control. i agree with monica on the idea that we have to get the private sector going to stimulate the economy. we have added 4.5 million jobs since inauguration day. the president has done his job. i agree with monica that we have to stimulate the private sector. i believe that the so-called taxageddon has to happen. neither party has any will to get the deficit dealt with. it has to be dealt with. there is a program and a ticking time bomb. we can with stand it and we need to get th
the solution is expansion of the private sector which was crushed by this administration with higher taxes, higher costs and the burden of socialized medicine. add it together and you have the fog of uncertainty that's put a jack boot on the private sector. until these things are cleared up including the fiscal cliff with taxageddon coming. >> jack boots, taxageddon, we have it all here, governor dean. >> actually spending is not out of control. this president has the lowest...